The Financial Aid Office processes financial aid applications on a rolling basis. It can take some time to process your application, so you are encouraged to submit your FAFSA as soon as possible. You might be asked to send additional documents to verify your aid eligibility. It is important to submit those documents as soon as possible so that your financial aid offer is not delayed or canceled.
After your application and any follow-up documents have been reviewed and processed, the Financial Aid Office will email you to let you know that your offer is available on the Student Portal. Your Financial Aid Offer Letter can be found on the Financials tab.
Your Financial Aid Offer Letter shows a formula to help you understand how much money you are being offered compared to your Cost of Attendance. Cost of Attendance is a reasonable estimate of what it will cost you to attend Marine Trades Institute for one year. SAI, or Student Aid Index, is calculated from your FAFSA and represents your ability to pay for your education.
Cost of Attendance – SAI = Unmet Need
Unmet Need – Total Aid Offered = Remaining Need
Total Aid Offered is the sum of all funds offered in the detailed section below. Remaining Need is the Cost of Attendance amount not covered by your offered aid amounts.
The detail section of your Financial Aid Offer Letter separates your aid into categories – Gift Aid and Loan and Work Aid. Unless otherwise shown, each form of aid is divided across three semesters.
Gift Aid includes scholarships and grants that do not need to be repaid. Any Federal Pell Grant, State of Michigan grants, Marine Trades Institute scholarships or sponsorships, and outside scholarships or sponsorships will be listed in this section.
Loans must be repaid with interest. With a Federal Subsidized Loan, the federal government pays the interest on the loan while you are enrolled in school. Federal Unsubsidized Loans begin accruing interest as soon as they are disbursed to you. Both types of these loans have a six-month grace period after you leave school before you begin making payments.
Your initial financial aid offer will include the maximum amount available through a combination of Federal Parent PLUS Loan funds and/or private loans. Further action is required if you choose to accept these loans. Parents of dependent students may apply for a PLUS loan at studentaid.gov/plus-app. Private Loans are available to students and parents. You can research private loan options at ELMSelect. You have the right to choose a private lender that is not listed at ELMSelect. Contact the Financial Aid Office for more information.
Please note that for periods of enrollment beginning on or after July 1, 2026, the total amount of all Direct PLUS Loans that all parents may borrow on behalf of each dependent student for any academic year of study may not exceed $20,000 and the aggregate total amount of all Direct PLUS loans that all parents may borrow on behalf of each dependent student must not exceed $65,000, without regard to any amounts repaid, forgiven, canceled, or otherwise discharged on any such loan.
Work Aid must be earned through on-campus employment. If you accept a Work Study offer, you will be sent an employment application form. Earnings are contingent upon hiring and hours worked.
Your Financial Aid Offer may change upon receipt of additional aid or review of additional documents. You will be notified of any adjustments. Adjusted financial aid offers replace any prior offers. Marine Trades Institute reserves the right to correct any errors.
Detailed information about Applying for Aid and what Types of Aid are available can be found here.
